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Press Release: Dermatology Devices Market to Reach US$ 7,226.9 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Dermatology devices comprise lasers, intense pulse light (IPL) devices, RF devices microdermabrasion devices and accessories. These devices are installed at hospitals, dermatology clinics to assist physicians and nonphysicians and clinicians to treat skin diseases and is also used to diagnose skin cancer.
The global dermatology devices market is estimated to account for US$ 4,609.0 Mn in terms of value in 2020 and is expected to reach US$ 7,226.9 Mn by the end of 2027.
Global Dermatology Devices Market: Drivers
High prevalence of skin diseases is expected to propel growth of the global dermatology devices market over the forecast period. For instance, according to the World Health Organization report 2018, skin diseases are among the most common of all human health afflictions and affect almost 900 million people in the world.
Moreover, increasing geriatric population is also expected to aid in growth of the global dermatology devices market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Laser type held dominant position in the global dermatology devices market in 2019, accounting for 40.1% share in terms of value, followed by IPL and RF devices, respectively.
Figure 1. Global Dermatology Devices Market Share (%), by Value, by Product Type, 2019
Global Dermatology Devices Market: Restraints
High cost of treatment is expected to hinder growth of the global dermatology devices market. For instance, according to the American Society of Plastic Surgeons (ASPS), the average cost of ablative laser skin resurfacing ranges from US$ 2,000 to US$ 25,000.
Moreover, uncertainty related to the U.S. Healthcare reforms is also expected to limit the market growth. The U.S. healthcare reforms have been associated with uncertainty in recent times, attributed to increasing focus on reducing healthcare spending. Though reform has increased access to healthcare by making insurance more affordable and accessible; it has phased out the federal payments to states made through Medicaid Disproportionate Share Hospital (DSH) program, to cover cost of uncompensated care for uninsured or low-income individuals.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 4,304.3 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 7.7% | 2027 Value Projection: | US$ 7,226.9 Mn |
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| Companies covered: |
Valeant Pharmaceuticals International Inc., Lumenis, Ltd., Hologic, Inc., Syneron Candela Ltd., Avita Medical Ltd., Alma Lasers, Ltd., Lutronics Corporation, Beijing Toplaser Technology Co. Ltd., Shanghai Fosun Pharmaceutical Group Co. Ltd., and Cutera, Inc. |
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Global Dermatology Devices Market: Opportunities
Increasing aesthetic appeal among men is expected to offer lucrative growth opportunities for players in the global dermatology devices market. For instance, according to a 2018 survey by GlobalData, around three quarters of South Korean men undertake a beauty or grooming treatment at least once a week.
Moreover, increasing cases of sport-related injuries are also expected to aid in growth of the market. For instance, according to the National High School Sports-Related Injury Surveillance Study 2017-2018, 1,367,490 cases of sport-related injuries were recorded in high schools in the U.S.
The global dermatology devices market market was valued at US$ 4,304.3 Mn in 2019 and is forecast to reach a value of US$ 7,226.9 Mn by 2027 at a CAGR of 7.7% between 2020 and 2027.
Figure 2. Global Dermatology Devices Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
Major players in the global dermatology devices market are focused on launching new products to expand their product portfolio. For instance, in July 2019, Hologic’s Cynosure division launched TempSure firm hand-piece on the TempSure platform and SculpSure, a non-surgical body contouring (lipolysis) treatment designed to permanently eliminate fat cells in problem areas.
Major players in the market are also focused on adopting partnership strategies to enhance their market share. For instance, in June 2019, Lumenis, Ltd. entered into a distribution agreement with DELEO, for distribution of its products in France and French part of Switzerland.
Global Dermatology Devices Market: Competitive Landscape
Major players operating in the global dermatology devices market include, Valeant Pharmaceuticals International Inc., Lumenis, Ltd., Hologic, Inc., Syneron Candela Ltd., Avita Medical Ltd., Alma Lasers, Ltd., Lutronics Corporation, Beijing Toplaser Technology Co. Ltd., Shanghai Fosun Pharmaceutical Group Co. Ltd., and Cutera, Inc.
Global Dermatology Devices Market: Key Developments
Major players in the global dermatology devices market are focused on R&D to expand their product portfolio. For instance, in June 2019, AVITA Medical, a regenerative medicine company, announced new preliminary RECELL Autologous Cell Harvesting Device (RECELL System) data at the 24th annual World Congress of Dermatology Meeting. The RECELL system is used in the treatment of vitiligo and facial acne scars.
Major players in the global dermatology devices market are also focused on launching new products to expand their product portfolio. For instance, in March 2020, Lumenis Ltd. launched Stellar M22 used for the treatment of vascular lesions, skin texture, tone, and hair removal.
Dermatology devices are expected to grow at a faster rate due to rising focus among the populace on esthetics. This has led to growing awareness about various types of aesthetic procedures used for treating hair and skin related disorders. Since women are larger consumers of skin and hair care treatments, they are considered as key revenue generators in the market. Growing prevalence of skin disorders due to unhealthy lifestyle and food habits. Psoriasis, acne, eczema, and skin lesions are some of the most commonly prevalent skin ailments. These factors are expected to drive growth of the global dermatology devices market.
Restraints of the Global Dermatology Devices Market
Major factors hampering the growth of the dermatology devices market during the forecast period constitutes of high treatment costs.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 35 market data tables and 24 figures on “Dermatology Devices Market – Global forecast to 2027.
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